ConocoPhillips to sell major chunk of its Canadian assets for $13.3B

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Houston-based ConocoPhillips (NYSE: COP) announced March 29 it plans to sell a significant portion of its Canadian assets to Calgary-based Cenovus Energy Inc. (NYSE: CVE) for $13.3 billion. Along with reducing ConocoPhillips’ exposure to the higher-cost Canadian oil sands, the deal also allows the company to reduce its debt and repurchase more shares. The deal is expected to close in the second quarter of this year. ConocoPhillips will sell its 50 percent nonoperated interest in the Foster Creek…


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